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will chair a hearing next month, december 10, on superstorm sandy. >> thank you for joining us. i would like to understand better an aspect of the act warle review. -- act warle review. -- act wearl review. -- actuarial review. you observe on page eight of your testimony the fact that the lower the interest rate environment the worse shape the fund is to simplify things. you walk through the mechanisms by which lower interest rates, while good for the economy overall, tend to have an adverse impact on the value of the fund. my understanding is that the actuarial review contemplates a low interest rate environment. and in the low interest rate environment the value of the fund is negative $31 billion. are we in a low interest rate environment today? and aren't we by virtue of what the fed has said, which is to say maintaining current policy at least through mid 2015, so three years or so, at least, isn't it very likely we're going stay in the low interest rate environment and shouldn't that be the prevailing environment assumption? >> you make a very important point in terms of the fact that
been affected by superstorm sandy. i'm very grateful for the very productive conversations we've had with governor cuomo, with the delegation, with our appropriators, along with our leaders. i just want to thank you for being so thoughtful and hopeful in trying to create the best momentum possible for the recovery that our families need. particularly eknow that as you soffered -- suffered through hurricane katrina and the enormous work you have to do to rebuild new orleans and other surrounding areas, your advocacy during that time was extraordinary. and i really appreciated then you said that you would stand i us in the way new york stood by you in that difficult time, that was extremely kind. i also want to talk a little bit about how this storm is affecting our families and what kind of recovery is it's actually taking to rebuild. obviously millions of peoples' lives have been affected. more than 40 new yorkers, more than 40 new yorkers have died and millions were left with significant damages to their homes, neighborhoods, businesses and families. one story is a man, pedro correa
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